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"Homeowners rightly expect their investment to be protected by sensible policies's I am determined that, as a country, we never return to the instability, speculation, and negative equity that characterised the housing market in the 1980s and 1990s.'' Gordon Brown's Budget speech, July 1997
At the nadir of the 1990s slump, house prices fell 10·7 per cent in one year. The current "correction" has already zipped past that and there is worse to come. "We are only in the initial stages of what is likely to be a severe economic downturn," says Capital Economics, a forecasting group.
Along with "no return to boom and bust" and "British jobs for British workers", let us add to Mr Brown's list of boomerang boasts an outrageous one-liner from his first Budget: "I will not allow house prices to get out of control." That one has just whacked him on the back of the head.
The property market went completely out of control on the way up, and is about to do the same on the way down. As it shatters on re-entry to economic reality, the debris will bury Labour's hopes for a fourth term. The house that Tony and Gordon built will be crushed by falling prices.
You think the conservative party will do any better?
I am voting for my local MP, she is labour and is doing a great job in my local community. (yes I know, bully for me). I recently wrote her a letter about the possibilities of building a local playground for the kids and not only did she reply personally, she wants to meet me to discuss.
I wish I could say them same for my MP (tory). I sent a few issues I wanted to highlight - didn't even get back to me.
I know that they're busy people, but replying has got to be fundamental to the job. I've always been tory - but I won't be voting in the next election - for tory or labour, or lib dem.
It does seem to me though that recession is an inevitable economic cycle. We go through the same cycles every 10 year +. I do believe that there are things Labour could have done to cushion us from the fall (left BofE as regulartory body), never made borrowing so easy and actively encourage borrowing. And the plain naiveity that GB had to say the years of boom and bust were over (so we won't keep any cash for rainy days)
To say he's the right man for the job and he has the experience is quite honestly a bloody joke - I don't really understand where this 'iron chancellor' brand came from. As I said previous it takes 10 years for political decisions to have a real impact on the country
We'll see what happens, since my flat is Victorian Era and not made of Lego like the new builds, and it's my home and not a roulette chip, I should be fine. I'll just concentrate on making the payments. I just feel sorry for people who were due to retire around now.
It's also good that unlike the Tory recession, there's some political will to try to avert this one, many countries seem to be in the same boat and made the same mistakes with the exception of the emerging Eastern countries like China and India.
Even so, Labour's had their chance, at the next election, seeya...
